Goldman Sachs, JPMorgan, Citi & BofA are reporting results. These are their historic market shares
Today is the day for US banks' results and the day that banking researchers everywhere have been dreading.
As results for the second quarter dribble out, here is some critical context. Courtesy of Morgan Stanley's own exhausted banking analysts, this is what's happened to market share by bank across the key product areas in recent years.
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This is the critical context from the years 2022-2025:
Investment Banking (IBD)
- Morgan Stanley, Citi, and Deutsche Bank gained share
- JPMorgan overtook Goldman Sachs to become the market leader
- UBS and Barclays underperformed
Equities
- Goldman Sachs and Morgan Stanley were the winners
- Barclays was the loser
FICC
- JPMorgan extended its domination
- Bank of America and Deutsche Bank didn't do badly
- Goldman Sachs and Morgan Stanley each gave up some share
Overall pattern
- JPMorgan strengthened its standing in most businesses
- The US banks as a group gained ground at the expense of their European counterparts
- Barclays and UBS underperformed
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